The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-21

per centum oil the ontiT0 debt of the United
states, to be made within each fiscal year,
which l. to to be iet apart as sinking fu i'd.
and tho interest Of which sha IN like man
ner be applied to the purchase or payment of
Il, public debt, as tho Secretary Of the
AOt. of February Is 1882.
Has the government any right to
purchase bonds with its surplus2
Under the following acts of CJn-
gfess the government has pu chased
at different times with its surplus
1882 ,24l, $50 bonds.
AUTHORITY TO PURCHASE BONDS.
Act July II, 1872: and my pur-
chase, at rates net exceeding that Of tho cur
rent market, and tho cost o. purchase not
exceeding enc eighth of per centum, any
bonds OF certificates OF debt Of the Unite
States, as he may deem advisable.
Act Of March 3, 1881, authorizing
ths Secretary Of the TIE isury 10 pur.
chase United States bonds with Its
surplus money.
Be II enscted by the Senate and Hsuio of
Representatives OF the United States OF
America, in Congress assembled
SEo. 3. That the Secretary OF the Treasury
may at any tins spply the surplus money In
the Treasury not otherwise appropriated. or
20 much pSs he Ssy SSS1d 81 PSR
States bonds; ptovidsd. that the bonds 80
purchased or redeemed shall constitute no
part of the sinking fund, bat shall DO can
oeled.
Approved March 8, 1871.
Has the government any right to
anticipate years interest on the
debt2 Yes, under the following act
Of Congress: =. -.s-.
JoiAt resolution to authorize the. Soore-
To y Of the Treasury to anticipate the pay
ment Of the interest on the public debt,
Be It resolved BY the Senate and House Of
REPRESENTATIVES Of the United States of
Amcrics, In Congress assembled, That the
Secretary Of the Treasury DO authorized to
anticipate the payment of interest ca the
public debt by period not exceeding one
year, from time to time, either with or with
out a rebate OF interest upon the coupshs
- TO him may seem expediont; and be is
the Treasury Of the United States not Goes
5s S.S Sf 'hf fIDcsdsd sss I'll e
create the sinking fund acGordips % the 50,
Approved, March II. 1884.
will the government save anything
for the people by giving the bond.
holders q years interest in advance
without rebate2 No, not one cent
How much does years interest
amount 10 on the whole debt2
On the t29, 5l1 056
On the 4<s......... ...."...,.... ll,20,oOO
On the currency 6s."..,.,...,.......... 3.6l7,4lO
Tothl.......,....'.",... ''.....-. IA, bSo, 100
Will the government save anything
for the people ny purchasing bonds 2
Yes, millions. Suppose with this $44,.
6SS, 466, or one years interest, the
government should by ~ per cents !"
They certainly could be- purchased
without carrying the present premium
mp more than l to 2 per cent, but
tuppcse they cost an average Of l3b
premium, The amount Of one years
interest would then purchase $50, 49,
600. II this $3.50 459 900 4As rem ain. d
outst anding until September /, 1891,
the earliest date the government can
control them, the government is
obliged to pay;
Principal 4ls,Uvl
Interest, ~ ysars"",...-..".""....,. TAG, 5SS
Total........"..,,"..,,... ,OO6 ,6SS
Or il purchased
Principal $50 49,, ON
lSh promium,...s ,........,.,........ 6,l79, 46t
Iotal. ...,....' '''"',',,., 'Vaf,oSo aOt
Saving for tho people on this
amount.r"...,..,.'""''.. ".,........"t z 3oI 10
And moreover, we believe, If the
government should announce 1t would
pay III premium for this amount Of
4is, II presented at the Assist tam
TT, asursr's office IN New York within
thirty days 8, it would secure them all
making the saving for that purpose
So, l56,247. The surplus remaining il
) the treasury at the close OF this fsca
, year, July lst, will probably smouu
I 10 near or quite $200,001000. II tn,
/ business Of the country could stand
3 such q i'lock-up," is 1t at all prooabl,
D the people would be satisfied wher
t the Administration could save 3,
D much by using itH With this $500,
> 100000 Of money the governmen
could probably purchase 800, 900 ,00(
+. 4s and 800, 900, 900 AIS. II these sans
3 bonds remain outstanding until ma
Z turity the government will have t.
3 pay:
10, principal 800 000, 90
: Into est to July ], lAJI"...a,.... 5000 100
as, princip sl...,.... 6e,OOO,OO
Interest to September l, lS9l...... ll,475, 90
tLol,alo W
Cost, AO,VOOfVO
Saving. $751; ATS. 90
/. A very respectable sum. 'ts